TURNSTONE RESOURCES LTD — Investor Presentation 2022

May 29, 2022

SOUTH HARZ POTASH Building a world-class potash business ASX:SHP May 2022

LTD.

Disclaimer

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Forward looking and Competent Person’s statements

This presentation has been prepared by South Harz Potash Limited (“South Harz Potash”, “SHP”, “The Company”). The information contained herein is a professional opinion only and is provided in good faith. Certain information has been derived from third party sources and, while SHP has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by SHP. The presentation is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analyses in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained.

This is for information purposes only. Neither this nor the information contained constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of SHP securities in any jurisdiction. This does not constitute investment advice and has been prepared without taking into account the recipients’ investment objectives, financial circumstances or particular needs and the opinions and recommendations contained in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, SHP, its officers, employees, related bodies corporate, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to SHP. In particular, they speak only as of the date of this document, they assume the success of SHP’s strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements.

Mrs Elizabeth de Klerk M.Sc., Pr.Sci.Nat., SAIMM., Managing Director and Senior Geologist of Micon International Company Limited (UK) has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mrs De Klerk consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

The information in this announcement which relates to the Mineral Resource Estimates for the Ebeleben, Mühlhausen-Keula, Mühlhausen-Nohra Elende, Küllstedt and Ohmgebirge Mining Licence areas, as set out in the Appendix to this document, were compiled and generated by Mrs De Klerk under commission by SHP. Mrs De Klerk holds no shares in SHP.

MAY 2022

INVESTOR PRESENTATION

2

South Harz Potash

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Building a world-class potash business in Germany

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A PROJECT OF SIGNIFICANT QUALITY AND SCALE

567Mt

CONTAINED K2O AT SHALLOW DEPTH ACROSS 659km[2]

IN THE HISTORIC HEART OF POTASH COUNTRY

5.3 Bt

PERPETUAL EXPLORATION MINING LICENCES LICENCES 3 2 TARGETING SECTOR LOW EMISSIONS AND COMMITTED TO MINIMISING PRODUCTION IMPACT

OF JORC INFERRED PRODUCTION IMPACT MINERAL RESOURCE[1] ENVIRONMENTALLY RESPONSIBLE

SIMPLE MINERAL EXTRACTION PROCESS

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CONVENTIONAL DISSOLVING AND CRYSTALLISATION
MINING & CRUSHING CLARIFYING & DRYING
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SUPPLYING A LARGE, GROWING MOP MARKET [2]
Northeast Asia
Europe, Russia and Central Asia
71Mt 91Mt North America
Latin America
Other
DEMAND 2022 DEMAND 2036
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IN A HIGHLY ATTRACTIVE LOCATION

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DEEP REGIONAL SAFE, STABLE DEVELOPED
KNOWLEDGE JURISDICTION INFRASTRUCTURE
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Note:

1. Refer to Appendix for details, the Company is not aware of any new information or data that materially affects the information included in the previous market announcements 2. Source: Argus Potash Analytics, February 2022

MAY 2022

INVESTOR PRESENTATION

3

Prices at decade-long highs

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Underpinned by strong global demand and opaque supply dynamics

GLOBAL MOP PRICING

ESCALATING SHARPLY

• High demand in Brazil and the US show little signs of slowing down

• Spot sales for June/July loading are taking place at US$950 - 1,000/t, with contractual sales at US$590/t

• Geopolitics will slow Russian growth and bifurcate sales; East will go east, and West will go west

• Higher European prices continue to be supported by strong crop prices and sanctions

• Food security and security of supply concerns likely to prevail

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euro/t
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MOP cfr Europe index (granular)

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1000
900
Firm prices
forecast to 800
700
continue in the
600
long run
500
400
300
200
100
2018 2019 2020 2021 2022
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Source: Argus Potash Analytics, 2022

INVESTOR PRESENTATION

DECEMBER 21

4

Board of directors

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Lead by a board with deep mineral knowledge and experience

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Ian Farmer

Executive Chairman

• Executive with deep experience across a range of mining businesses

• 26 years experience at Lonrho and subsidiary companies in financial and strategic roles

• Previously CEO of Lonmin

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Dr Reinout Koopmans

Non-Executive Director

• Highly experienced with over 15 years in investment banking.

• Previously responsible for global public equity raising for natural resources companies at Deutsche Bank

• Additional experience with Jefferies International and McKinsey & Co.

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Rory Luff Non-Executive Director

• Founder of BW Equities, a specialist Melbournebased equities advisory

• Over 15 years’

• experience in the financial services industry

• Majority of career in the financial markets advising resources companies

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Hansjorg Plaggermars

Non-Executive Director

• Experienced company director with a deep knowledge of corporate finance, strategy and governance

• Previously served on numerous boards and with significant European corporate and capital markets knowledge

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Len Jubber

Non-Executive Director

• Served as Chief Executive of Bannerman Resources for 8 years

• Previously CEO of Perilya and COO of Oceana gold

• A mining career spanning more than 30 years, bringing a wealth of technical, commercial and corporate experience

MAY 2022

INVESTOR PRESENTATION

5

Management team

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Driven by an international team of industry professionals

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Ian Farmer

Executive Chairman

• Executive with deep experience across a range of mining businesses

• 26 years experience at Lonrho and subsidiary companies in financial and strategic roles

• Previously CEO of Lonmin

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Jason Wilkinson

Chief Operating Officer

• Mining and exploration professional with 25 years experience across a range of commodities

• Previously in-country MD for Allana Potash Corp based in Ethiopia responsible for the exploration drill-out and feasibility study work

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Andrew Robertson

Chief Financial Officer

• Experienced Chief Financial Officer with broad experience across listed and unlisted entities

• Previous CFO positions include Ecometals Limited, African Eagle PLC, White Tiger Gold and Maple Minerals (Canada)

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Dr Babette Winter

Regional Manager Thŭringia, Germany

• Established environment, community and stakeholder management professional

• Previously, Head of Environmental Policy Department within the Ministry for Agriculture, Forestry, the Environment and Nature Conservation in Thŭringia and Member of the European Parliament

MAY 2022

INVESTOR PRESENTATION

6

Corporate snapshot ASX | SHP

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MARKET SHARES ON CASH SHARE PRICE MAJOR CAPITALISATION[1,2] ISSUE[2] POSITION[3] A$/SHARE[1] SHAREHOLDERS[4] A$80M 532M A$10M A$0.15

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5%
7%
5%
83%
Delphi Unternehmensberatung Aktiengesellschaft
Board and Management
Merchant Funds Management
Other
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A$/share

$0.25 $0.20 $0.15 $0.10 $0.05 $0.00 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022

1. ASX closing price on 20 May 2022

2. SOI represents 531,628,621 ordinary fully paid shares. In addition, approximately 101M options remain on issue with various strike prices and expiries.

3. Cash position of A$10.2M at 31 March 2022

4. Register details as at 5 May 2022

MAY 2022

KEY ASSET DYNAMICS A compelling opportunity

An extensive portfolio

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High-quality, highly-endowed mining and exploration licences

EASILY WESTERN EUROPE'S MOST

South Harz Potash Licences

SIGNIFICANT POTASH RESOURCE 5.3Bt FOR 567Mt K O 2 3 PERPETUAL MINING LICENCES 2 EXPLORATION LICENCES

• Assets historically part of the East German state

• Purchased via tender from the German Government in 2017

• Licences granted in perpetuity and unencumbered by royalties or rents

• Extensive historical exploration undertaken

• South Harz Potash has results from >300 historical drill holes

• Elevation to Indicated Resource targeted upon completion of confirmatory drilling

 Resource expected to support extremely long-life projects

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MAY 2022

INVESTOR PRESENTATION

9

A premier asset profile

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Highly conventional asset base

OUR ASSETS AND RESOURCE ARE STRONG IN ALL FACETS

• Shallow starting depth creates a substantial natural capital and operating cost advantage

• Combined with quality geology and mineralogy

• Competitive grade profile versus global MOP development projects

• Proximal to national infrastructure, with road and rail approximately 1km away

• Attractive combination of depth, scale and location

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THICK MINERALISATION

SHALLOW DEPTH

HIGHLY CONSISTENT GEOLOGY

LOCATED WITHIN KEY TARGET MARKET

COMPETITIVE GRADE

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MAY 2022

INVESTOR PRESENTATION

10

A world-class scale

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Delivering substantial real option value

GROWING INTO A

TOP TIER

ASSET

TARGETING EUROPEAN MARKETS

• To be organically grown, with potential expansionary development to leverage

• Short distance to key European market and export ports = very low logistics costs

• European focus, complementary to (rather than in competition with) BHP’s Jansen supply

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Operator

	Operator
	Ownership	100%	100%
	Country Project	Germany South Harz	Canada Jansen
	Status	Scoping	DFS
	Resource (Mt)	5,268	6,510
	Measured : Indicated : Inferred (ratio)	0 : 0 : 100	80 : 0 : 20
	K2O (Mt)	567	1,667
	Mine type	Conventional UG	Conventional UG
	Overland distance to target markets and/or export port	260 km	1,500 km
	Target markets	Europe and South America	Americas, India and Asia

Source: Publicly available company data retrieved from https://www.bhp.com/what-we-do/global-locations/canada-jansen-potash-project on 10 October 2021

MAY 2022

INVESTOR PRESENTATION

11

A highly attractive location

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Within the central German state of Thüringia

THE HISTORIC HEART OF

POTASH COUNTRY

CONTINUOUS PRODUCTION OF POTASSIUM SALTS SINCE

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Germany
South Harz
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1

1861

 Positioned to become European MOP supplier of choice

DEEP REGIONAL POTASH MINING & PROCESSING KNOWLEDGE

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• Home to an engaged, skilled workforce

• Exploration and development supplies locally available

• Headquarters of K + S, ERCOSPLAN and K-UTEC

SAFE, STABLE JURISDICTION

• Supportive regional government, pro job creation

• Stable politically and economically

• Europe’s largest, and the world’s 4[th] largest economy

MODERN, EXISTING INFRASTRUCTURE

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• State and federal roads connecting to federal motorways

• Regional and trans-regional railway networks

• Easy access to key markets with low logistic costs

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Note:

1. Carnallite processing by simple cold leaching technology started in 1861 in the North Harz district of Central Germany MAY 2022

INVESTOR PRESENTATION

12

A highly attractive location

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Positioned to capitalise on freight advantages

FUTURE

POTASH

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US$72/t US$45/t
TO ASIA
US$87/t
US$106/t
US$107/t
US$134/t
US$80/t
Origin Destination
Vancouver US SE Asia
Germany Brazil China
(Baltic Sea loading)
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SALES

WILL INCREASINGLY RELY ON LOCAL SOURCES

• Lower delivered cost – both overland and sea

• Geopolitically driven, medium-term disruptions to traditional fertiliser trade routes

• West to west and east to east sales shift underway

• A clear advantage when marketing our product

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Source: Argus, Freight Watch, 5 May 2022 (mid market)

Note: Numbers reflect sea freight costs only and do not include South Harz’s typically vastly superior cost of transport to port

MAY 2022

INVESTOR PRESENTATION

13

A large, growing market

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Targeting MOP demand in Europe and Latin America

OUR MINERAL DEPOSIT IS SET TO PRODUCE

MOP

• Muriate of Potash ( MOP ) is the most economic source of essential potassium nutrients

• Demand drivers (population growth and dietary change) are reliable and progressive

• European demand growth; expected K+S German production decline and Belorussian sanctions will create a gap in this market

• Recent significant price re-rating in global MOP markets; buyer imbalance recognition

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Global MOP demand forecast 2036 (Mtpa)
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German MOP production forecast (ktpa)
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actual forecast
95
actual forecast 4,000
90 +21 Mtpa 3,500 -1 Mtpa
3,000
85
2,500
80
2,000
1,500
75
1,000
70
500
65 -
2022 2026 2036 2020 2025 2030 2035
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LOCAL SUPPLY
FALLING
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30% DEMAND GROWTH

Source: Argus Potash Analysis November 2021 (German MOP production) and Argus Potash Analytics February 2022 (Global MOP demand forecast)

14

A large, growing market

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Current supply tightness and agricultural demand are driving multi-year highs

MOPVS SOP GLOBAL POTASH DEMAND IS DOMINATED BY MOP

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%
92 MOP
MOP SOP
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MURIATE OF POTASH MOP 60% K2O EQUIVALENT

• Potassium chloride

• Large, well structured global market

• Current global market of ~70 Mt pa

• Extensively applied to a wide range of crop segments, including, soya, rice, wheat, barley etc

• Market is supplied predominately by Canada, Russia and Belarus

• Simple mineral extraction and production

• Low relative operational expenditure

• Most cost-effective form of granulated potassium fertiliser

SULPHATE OF POTASH SOP

52% K20 EQUIVALENT

• Potassium sulphate

• Sensitive, fragile market dynamics

• Current global market of ~7 Mt pa

• Niche market for chlorine-sensitive crops, tobacco, oranges, avocado

• Market is dominated by the Chinese

• Production from natural brine lakes and via MOP conversion (Mannheim process)

• Complex brine chemistry, controlled stage-wise evaporations in multiple pond layouts

• Expensive

Source: Argus Potash Analysis, 2021

MAY 2022

INVESTOR PRESENTATION

15

A responsible producer

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Set to deliver an environmentally friendly fertiliser product[1]

TARGETING SECTOR

Ohm-02 drill hole site progressive rehabilitation

LOW EMISSIONS AND COMMITTED TO MINIMISING PRODUCTION IMPACT

• Underground extraction results in less surface disturbance for low impact mining

• Proposed processing methods utilising MgCl2 brine to return insoluble tailings into historic mine voids

• Targeting locally sourced renewable energy supply; Germany set to decarbonise its electrical grid by 2035[2]

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LOW IMPACT
CONFIRMATORY
EXPLORATION
COMMITTED TO
RAPID
ENIRONMENTAL
REHABILITATION
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• Proximity and rapid access to target markets = low freight-related CO 2 supply impacts vs competitors in Canada and eastern Europe

 Potash is a low emission, biosphere friendly fertiliser

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Note:

1. McKay, Dr Huw and Burnside, Dr Paul 17 June 2021, “Potash outlook and fundamentals 101” retrieved from https://www.bhp.com/investors/presentations-events/presentations-and-briefings 10 October 21 2. Retrieved from https://www.euractiv.com/section/energy/opinion/germany-leads-europe-with-target-to-reach-100-clean-power-by-2035/ 10 May 2022

MAY 2022

INVESTOR PRESENTATION

16

ROBUST DEVELOPMENT STRATEGY Advancing rapidly

The starting base

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Unlocking the significant value in our assets

CONCEPT STUDIES COMPLETED ACROSS ALL MINING LICENCES POTENTIAL PROJECT AREAS IDENTIFIED 4 OHMGEBIRGE IDENTIFIED AS A STANDOUT STARTER PROJECT

OHMGEBIRGE: A NATURAL SELECTION

• Relatively high Sylvinite content for production of highquality MOP

• Expected low capital intensity

• Access to proximate infrastructure (power, water gas, etc)

• Existing nearby mine workings remain open, nearest tunnel only 350m from Ohmgebirge licence boundary

• Operational workings within 300m of Resource will be utilised for additional bulk sampling

MINING LICENCE	PROJECT	INFERRED RESOURCE
Ohmgebirge	O	261 Mt Sylvinite (42 Mt K2O)
Muhlausen–Nohra (North)	M-N North	1,700 Mt Sylvinite/Carnallite/Kieserite (164 Mt K2O)
Muhlausen–Nohra (South)	M-N South	2,668 Mt Sylvinite/Carnallite (290 Mt K2O)
Ebeleben	E	577 Mt Sylvinite/Carnallite (69 Mt K2O)

• Proximity to derelict industrial land far from residential areas; potential to accelerate the permitting process

• Large voids available for tailings disposal from historical mining activities

MAY 2022

INVESTOR PRESENTATION

18

The project definition

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Resource upgrade drilling and Scoping Study

SYSTEMATICALLY ADVANCING THE SOUTH HARZ PROJECT

• All required approvals and permits successfully secured for two confirmatory drillholes at the Ohmgebirge Project

• Assay results from first drillhole (OHM-02) return a total O

• apparent thickness of 11m with average grading 14.4% K2

• Targeted to upgrade substantial part of Ohmgebirge Project resources to Indicated status in early Q3 2022

• Scoping Study completion scheduled for Q3 2022

• Rapid targeted transition to Feasibility Study on Ohmgebirge

ACTIVITY (CALENDAR YEAR) Q421 Q122 Q222 Q322 Beyond	ACTIVITY (CALENDAR YEAR) Q421 Q122 Q222 Q322 Beyond	ACTIVITY (CALENDAR YEAR) Q421 Q122 Q222 Q322 Beyond
Ohmgebirge resource elevation
Confirmatory drill permitting
Drilling program	X
Core analysis/evaluation	X
Planned Mineral Resource upgrade		X
Ohmgebirge Project advancement
Scoping Study		X
Strategic project analysis		X
Feasibility Study
ESIA

• Potential for similar upgrade drilling programs across other three projects

MAY 2022

INVESTOR PRESENTATION

19

Confirmatory drilling

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Twin Ohmgebirge drillhole program nearing completion

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TARGETING UPGRADED RESOURCE CLASSIFICATION

AT OHMGEBIRGE

• First hole (OHM-02) assays returned 11m @ 14.4% K2O , including 4m @ 19.7% K2O

• Results correlate well with twinned historical hole; starting depth and grade

• Substantiates confidence in accuracy of 41 historical drill holes at Ohmgebirge

• Drilling operations at second hole (OHM-01) approaching completion

• Results to inform targeted Mineral Resource estimate update and Scoping Study completion in Q3 2022

		From	To	Apparent	True	K2O wt. avg
		(m)	(m)	thickness (m)	thickness (m)	%
	Mineralised section	651.53	662.51	10.98	7.51	14.44
	Kieseritic Hartsalz	651.53	654.43	2.90	2.05	12.62
	Anhydritic Hartsalz	654.43	658.46	4.03	2.85	19.69
	Carnallitic Sylvinite	658.46	662.51	4.05	2.60	10.51

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MAY 2022

INVESTOR PRESENTATION

20

The low-risk path to production

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Attractive project development and financing attributes

• Clearly defined evaluation, funding and development phases

• Outstanding asset domicile – first world, historic mining region and pro development government focus

• Strongly differentiable from permitting challenges faced in other western European jurisdictions (e.g. Spain)

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EVALUATION

  - Detailed initial scoping work complete

  - Ohmgebirge identified as a standout starter project

  - Encouraging results pointing to fast, low-cost production potential

• Thuringian local approval only (no Federal level permits required)

• Historic mining centre with indications of strong political and social support for new mining activity

• Permitting preparations can coincide with advancement of Feasibility Study work

• Applications to be compiled in consultation with Thuringian State office for the Environment and Geology to improve efficiency of processing evaluation

• General appetite of European development banks to drive financing of new agriculture and fertiliser projects

• Expected relative low capital intensity of development – shallow depth, established integrated infrastructure

• Fundamentally different and substantially lower project execution risks from Australian SOP developments

$

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FUNDING

• Anticipated to generate strong interest from development funds

• Modular growth = funding advantages

DEVELOPMENT

• Fast track development

• Simple, well understood extraction and processing

• Focus on leveraging extensive, local salt technology IP

MAY 2022

INVESTOR PRESENTATION

21

The long-term potential

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High scalability and flexibility of development approach

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ABILITY TO GROW IN A MODULAR, CAPITAL EFFICIENT FASHION

• A key differentiating feature of our asset profile

• Provides capital efficiency

• Lower-risk approach

• Growth timed to match market demand

• Substantial in-situ leverage and real option value

• Ensures relevance, corporate appeal and maximisation of long term cost competitiveness

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Future Project growth:
 M-N North
 M-N South
 E
Project O
Development timeframe
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MAY 2022

INVESTOR PRESENTATION

22

PREMIER POTASH EXPOSURE Set to deliver

K2O

South Harz Potash

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A compelling investment proposition

5.3

billion tonnes

LARGE-SCALE MINERAL RESOURCE

• 5.3 Bt for 567 Mt contained K2O

• Expected to support extremely long life projects

• Comparability to BHP’s Jansen

• Huge scalability and real option value

ENVIRONMENTALLY ATTRACTIVE

• An environmentally attractive fertiliser product

• Demonstrated social responsibility – immediate drill site rehabilitation complete

• Expected low relative emissions and delivery footprint

A LARGE GROWING MARKET

• Delivering needed local, secure, baseload MOP capacity for Europe – a supplier of choice

• Shift towards west to west and east to east sales flow

• Direct leverage to a defining mega-trend – food security

CONVENTIONAL GEOLOGY

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• Mineralisation at shallow depth

• Thick ore body with consistent mineralisation

• Expected low capital intensity of development

SIMPLE MINERAL EXTRACTION

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• A simple, well understood mineral extraction process

• Sharply differentiable from SOP development risk

A HIGHLY ATTRACTIVE LOCATION

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• Located in a safe, stable, pro-development region

• Strong social and political backing for regional mining

• Deep potash mining history, skilled labour and modern, integrated infrastructure

MAY 2022

INVESTOR PRESENTATION

24

APPENDIX

Mineral Resources estimates

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Inferred|100% interest

HORIZON	Resource (Mt)		K2O (%)		K2O (Mt)
Ohmgebirge1
Sylvinite		261		14.0		36
Carnallitite		64		9.8		6
Nohra-Elende2
Sylvinite		101		14.2		14
Carnallitite		1,597		9.4		150
Mühlhausen-Küllstedt3
Sylvinite		834		12.1		101
Carnallitite		296		8.2		24
Ebeleben4
Sylvinite		324		15.6		50
Carnallitite		253		7.5		19
Küllstedt
Sylvinite		333		13.0		43
Carnallitite		1,205		10.1		122
Total JORC Inferred Mineral Resource		5,268		10.8		567

• Note: In accordance with ASX Listing Rule 5.23, the Company is not aware of any new information or data that materially affects the information included in the previous market announcements 1. Ohmgebirge: ASX announcement 23 December 2019

2. Nohra-Elende: ASX announcements 13 November 2018 and 23 September 2020

3. ASX announcement 16 October 2018

4. ASX announcement 3 April 2018

MAY 2022

INVESTOR PRESENTATION

26

South Harz Potash Project

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Licence area detail

• Three perpetual mining licences and two exploration licences located within a 30km radius

• Ready access to major road and developed rail infrastructure

• Mining and exploration licence areas are intersected by known potash seams

• Significant historical potash production adjacent to licence boundaries

• Clear permitting precedent; local Thuringian political and social support for new projects

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MAY 2022

INVESTOR PRESENTATION

27

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SOUTH HARZ POTASH[LTD] .